854

LAWS OF MARYLAND.

President and
Directors to
appoint offi-
cers.

shall have power to appoint all such officers, clerks,
agents, mechanics, engineers and servants as they
may deem necessary to conduct or execute the busi-
ness of the said corporation, to fix their compen-
sation, and in their discretion to dismiss them,

Power to pur-
chase.

to contract, agree for and purchase, rent or hire
all such vessels, lands, water powers, chattels,
fixtures, materials, machinery, tools, rights, priv-
ileges and effects whatsoever, and to pay for the
same either in cash or with stock of the Company,
and to make, own, use, have and repair all such
vessels, carriages and other conveniences as may
be necessary for effecting the objects of said corpo-
ration, to prescribe the form of certificates to be
issued to stockholders, and to regulate the mode of
transferring their capital stock, to apply the funds
of said corporation, so far as the same may be
necessary to effect the objects aforesaid, and in
payment of the necessary expenses of the Com-

Call general
meetings.

pany; to call general meetings of the stockholders,
and generally to pass laws, such by-laws as may
be necessary for the exercise of the aforesaid pow-
ers vested in said corporation, and the same by-
laws from time to time to alter and repeal; such
by-laws being subject to the approval of a majority
of the stockholders.

Declare divi-
dends.

Sec. 7. And be it enacted, That the President
and Directors shall, from time to time, declare and
pay to the stockholders dividends of so much of the
profits realized by the Company as they shall deem
expedient, after reserving such sum as they shall
decide to be reasonable to meet the [the] expenses of
repairs or the purchase of any articles necessary
for the use of said Company; and also, at the pay-
ing of said dividend of profits, a general statement
of the affairs of the Company shall be prepared by
the Directors and kept open for the inspection of
the stockholders, or any of them, for the space of
ten days after the same shall have been presented
to them.

Not issue any
note.

Sec. 8. And be it enacted, That this corpora-
tion shall 'not be permitted to issue any note, token
or device, or other evidence of debt, to be used as
currency.

In force.

Sec. 9. And be it enacted, That this Act shall
take effect from and after its passage.

Approved April 8, 1870.